HORSHAM, Britain, March 13 (Xinhua) -- G20 finance
ministers and central bank governors arrived here Friday to hold discussions
over how to deal with current financial crisis. The formal meeting will be held
The G20 Finance Minister and Central Bank Governor
Meeting, held in Horsham, southern part of England, and hosted by Alistair
Darling, Chancellor of UK, is considered as a preparatory one to pave the way
for G20 London Summit on April 2 with the topic of "stability, growth and jobs."
Britain's Finance Minister Alistair
Darling arrives for the G20 Finance Ministers meeting at a hotel, near
Horsham, in southern England March 13, 2009. (Xinhua/Reuters
On Friday evening and Saturday, the finance ministers
and central bank governors from both advanced economies and emerging and
developing economies, will discuss such important issues as how to take
short-term and long-term measures to deal with financial and economic crisis,
how to reshape the global financial system and how to improve the role of the
international financial institutions including International Monetary Fund.
Xie Xuren, China's Finance Minister, and Zhou
Xiaochuan, Governor of China's central bank have arrived here, and they will set
forth China's standpoints over such issues as how to increase the voice of
emerging and developing economies in the international financial system, which
is to be reshaped, and how to fight against trade and financial protectionism at
China's Finance Minister Xie Xuren (L,
Front) arrives at the meeting place in Horsham, 50 kilometers south of
London, Britain, on March 13, 2009. (Xinhua/Reuters
Ahead of the G20 Finance and Central Bank Governors
Meeting, divergences between the U.S. and the European
Union (EU) have emerged and gradually widened . The U.S. hopes the
London Summit will focus on how to increase spending to stimulate economy, while
the EU wants to give priorities to reform the international financial system.
European countries have little appetite to further build up their debts to
stimulate their economies. Japan has backed America's standpoint, saying that
April's G20 summit should focus on the need for immediate co-ordinated action to
support the world economy rather than long-term efforts to reform the
international financial system.
Therefore, finance ministers and central bank
governors should try to remove these divergences in such a short time period so
as to make good preparations for the London Summit, which is pinned great hope
to create some clear and concrete measures to deal with the current crisis.
However, it is widely believed that these divergences could not be removed at
the G20 Finance Ministers and Central Bank Governor Meeting and will continue to
display at the G20 London Summit.
Australia's Finance Minister Wayne Swan
arrives prior to the G20 Finance Ministers meeting at a hotel near
Horsham, in southern England March 13, 2009. (Xinhua/Reuters
As the host of the G20 London Summit, British Prime
Minister has been working hard to encourage G20 countries to reach agreement
over the above-mentioned issues all the time. Recently, he visited America and
tried to get support from the American government, but he almost gained nothing.
This has cast shadow over the upcoming London Summit.
Though Germany and France have reached a consensus to
insist that next month's G20 Summit should focus on tougher global financial
regulations and rejected US calls for European countries to spend more on
supporting economic growth, the two big European states are worried that the
priority of the London Summit would be shifted from "reforming international
financial system" to "coordinating to stimulate global economy."
Last month, the British government publicized a
report with the title of "Road to the London Summit," saying that three
commitments should be made: First, to take whatever action is necessary to
stabilize financial markets; Second, to reform and strengthen the global
financial and economic system to restore confidence and trust; and Third, to put
the global economy on track for sustainable growth.
France's Finance Minister Christine
Lagarde arrives at a hotel, where the G20 Finance Ministers meeting will
be held, near Horsham in southern England March 13, 2009.(Xinhua/Reuters
However, current situation has showed that it is
quite difficult for G20 countries to make such commitments at the Summit. It is
also hard to put these commitments into practice even though they are made.
BRUSSELS, March 13 (Xinhua) -- In an apparent showdown with the United States
weeks ahead of the G20 summit in London, Germany and France joined hands in
pushing for tougher global financial regulations, while rejecting Washington's
call for more spending on economic stimulus.
However, it is uncertain whether members of the European
Union (EU) will put aside their differences to forge a coordinated stance during
the London Summit slated for April 2.
BERLIN, March 12
(Xinhua) -- They may not see eye-to-eye occasionally, but German Chancellor
Angela Merkel and French President Nocolas Sarkozy showed a united front on
Thursday in rejecting U.S. calls for more economic stimulus plans amid a global
economic downturn, and they stressed that the upcoming summit of the Group of 20
(G20) should achieve binding results on tougher financial regulations.
Speaking after a German-Franco summit meeting in Berlin,
Sarkozy stressed that the two countries have already invested a lot to check
BRUSSELS, March 12 (Xinhua) -- Industrial producer prices continued to fall in
January in the euro zone, official figures released here on Thursday showed.
The industrial producer price index fell by 0.8 percent in
the 16-nation euro area in January, compared with December, when prices dropped
by 1.5 percent, said the Statistical Office of the European Communities
LONDON, Mar. 11
(Xinhua) -- British Chancellor Alistair Darling strongly appealed that G20
should work together not as a small group of advanced economies but globally,
including emerging and developing economies, at the press conference held here
"We must act together not only to deal with today's
problems but also to prepare for a recovery, ready to seize the opportunities
that will follow. The global economy is expected to double in size over the next
20 years, so there is a huge prize to be won," he said.